FHA Home Loan Rates October 22 – Mortgage Rates Bounce Higher
Posted on | October 22, 2009 | 1 Comment
FHA home loan rates for October 22nd, 2009 bounced higher. The conventional 30 year fixed mortgage rate is up to 4.87% while the 15 year fixed mortgage rate is up to 4.4%. Bucking the trend, the 5/1 ARM is actually down to 3.72%. FHA home loan rates are generally between .5% and .75% higher than conventional mortgage rates. By doing the math you can see that FHA rates are still extremely low.
The 10 year treasury rate yield moved higher yesterday, up to its 50 day moving average. Today we are seeing another move higher but there has been some selling which makes us believe that there is a good chance that this move above the 50 day moving average is not done with enough strength. The breaking of the 50 dma needs to be done with conviction if the 10 year yield is going to move higher.
If the yield does not great the 50 dma and this serves as a point of resistance then we are liking going to see mortgage rates grind sideways to down for a short period of time. As the 10 year yield grinds sideways the 200 day moving average is going to move up which could very well push the 10 year yield through the 50 day moving average. Keep an eye on the 10 year yield to predict where mortgage rates are going.
Make sure to check out Subprime Blogger on a daily basis for your FHA loan rates. We will display the current FHA loan rates as well as a short commentary similar to the above column. Bookmark the following FHA Loan Rates category to gain easier access to our daily FHA rates column:
Author: Mike Garner
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October 22nd, 2009 @ 5:24 pm
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